Automotive expert Mike Caudill responded to California's controversial effort to use electric cars as police vehicles during an appearance on “The Big Money Show.”
General Motors said its electric vehicles are not yet profitable, but the company is seeing “progress” in the industry.
GM made the announcement in a letter to shareholders detailing its third quarter results.
“In the third quarter, we expanded our U.S. retail market share with above-average pricing, well-managed inventory, and below-average incentives. In China, sales improved from the second quarter and Dealer inventories have decreased significantly, and we continue to perform well and remain on track to meet our 2024 EV production and profitability goals,” the company wrote.
“This is the result of our investments in a purpose-built EV platform, U.S. battery cell manufacturing, and flexible assembly capabilities. Most of our competitors do not have these advantages. And our strategic EV The depth and breadth of our portfolio is unmatched,” the statement continued. .
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A worker assembles vehicle doors at a General Motors assembly plant in Fort Wayne, Indiana, Tuesday, April 9, 2024. (Emily Elkonin/Bloomberg via Getty Images/Getty Images)
The shareholder letter follows GM's major recall in September and layoffs in August.
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In late September, the company recalled about 450,000 trucks and SUVs due to brake problems. The recall includes some 2023 Chevrolet Silverado 1500, GMC Sierra 1500, 2023 and 2024 Chevrolet Tahoe, Suburban, GMC Yukon, Yukon XL, Cadillac Escalade and Escalade ESV models.
A Hummer EV is seen on the production line as President Biden tours General Motors' “Factory Zero” electric vehicle assembly plant in Detroit, Nov. 17, 2021. (Reuters/Jonathan Ernst/File Photo/Reuters Photo)
NHTSA says the software in the electronic brake control module of the impacted vehicle may not be able to display a warning light in the event of brake fluid loss.
Recall documents indicate that the brake control module may fail to warn drivers of brake fluid loss before brake performance begins to degrade. In newer model vehicles, such problems are often electrical, and this is no exception. A mismatch between the brake control software and brake control calibration appears to be the cause of the failure.
A vehicle sits on a trim assembly line at a General Motors assembly plant on Tuesday, April 9, 2024, in Fort Wayne, Indiana.
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In August, GM implemented layoffs in its software and services division, affecting about 600 employees in Warren, Michigan.
GM said of company “We need to simplify to achieve speed and excellence, make bold choices, and prioritize investments that will have the greatest impact on building our company.”[s] The future of GM. ”
Fox News' Aislinn Murphy and Jay Caruso contributed to this report.
